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Oil soared to its highest level in more than a month on Thursday as traders speculated that Israel could engage in retaliatory strikes against Iran’s oil industry.

West Texas Intermediate climbed as much as 5.5 per cent to trade at $74 per barrel after US President Joe Biden told reporters that such a move was under discussion.

Asked whether the US would support Israel striking Iran’s oil facilities, Biden said: “We’re in discussion of that,” although in his truncated comment the US president went on to say: “I think that would be a little . . . anyway.”

Brent crude, the international benchmark, rose as much as 5 per cent to hit $77.65 per barrel.

Washington has made clear it supports Israel’s right to respond militarily to Tuesday’s missile attack from Iran, and is holding frequent calls with Israeli officials as they plan their next move.

On Wednesday, Biden spoke with the other leaders of the G7 to co-ordinate sanctions on Tehran for the attack and advise Israel on its response.

After that call, Biden said: “All seven of us agree that they have a right to respond, but they should respond in proportion.”

Israel is weighing several options to retaliate against Iran, including attacks on missile launchers or oil infrastructure.

Some Israeli officials have called for strikes against its nuclear facilities, though a person familiar with the matter said this was not being considered. Biden has also said he would oppose such an attack.

Tuesday’s strikes on Israel, in response to the assassination of Hizbollah leader Hassan Nasrallah last week, were much larger than an earlier Iranian attack in April, incorporating about twice as many ballistic missiles — although only a few got through Israel’s air defences.

US national security adviser Jake Sullivan has warned that Iran would face “severe consequences” for the strikes, which he described as “defeated and ineffective”, adding the US would “work with Israel to make that the case”.

But analysts said that the US was not offering Israel a blank cheque for any kind of response, and that its goal was to avoid prompting further Iranian escalation.

Iran currently exports around 1.6-1.8mn barrels per day of crude and condensate, of which 1.5mn b/d goes to China, along with over 0.5mn b/d of oil products, according to Energy Aspects, a consultancy.

Amrita Sen, director of research at Energy Aspects, said oil prices could be sent “spiralling higher” if Israel struck Iranian refineries and if Tehran responded by attacking other oil fields and refineries in the region.

The global oil market has been volatile since the start of the week due to the escalating tensions in the Middle East, with potential disruptions to energy exports.

However, lack of demand from China, as well as the fact that Opec+ producers are sitting on more than 5mn b/d of spare capacity, which could be brought back if Iranian supply were suddenly disrupted, had weighed on the market.

Benchmark chief executive Ed Dymott has said he does not want the business to be referred to as a “consolidator”.

“We don’t like the term ‘consolidator’,” he said, on a panel at the Lang Cat’s HomeGame 4 event in Edinburgh today (3 October).

He said that, although the firm acquires a business on average every six weeks, the majority are “businesses we already know”.

“What’s different about our business model is that most of these firms have been with us for quite some time, typically between five and 10 years,” he said.

“They’ve become familiar with our operations and are integrated into what we do. Ultimately, as part of their exit planning, we often provide a smooth transition into our company.”

He said that ‘consolidators’ are typically businesses backed by private equity, which often has a “clear end goal” in mind.

“This approach comes with the perception that everything is geared towards reaching a specific outcome within three to five years,” he said, at the event.

“However, our business is a financial planning firm owned by Schroders, and we are a long-term investment for them. This long-term focus forms the core of our business.

“When it comes to client relationships, we operate like any other financial planning firm, concentrating on how to maintain and grow these relationships over time.

“This is the primary driver of our business model and influences everything we do. Our client propositions and support are all geared towards long-term relationships.”

Benchmark sets out ambitious growth plans following Unique purchase

There are around 35 private equity-backed consolidated businesses in the advice space.

“The typical cycle with private equity involves these businesses eventually seeking an exit. At some point, there may be an oversupply in the market,” said Dymott.

“Many people wonder if there will be a consolidator of the consolidators – who knows, it’s an interesting trend to observe.”

He said the ‘breakaway adviser’ trend could prove a big challenge to the consolidation model in the future.

“One of the areas we specifically target is what we call the ‘breakaway adviser’ segment. These are experienced financial planners setting up their own businesses.

“And our primary source of lead generation at the moment comes from consolidators.

“These are individuals who have been part of a consolidator but are now either breaking away themselves or, more commonly, it’s the teams working under the principals who sold the business.

“Last year, we helped set up 20 new businesses with established financial planners, many of whom came from consolidated firms and wanted to go independent.

“The breakaway adviser trend is fascinating to watch, and it’s essentially the full cycle. It is a potential challenge to the consolidation model.”

A LUXURY train company that offers day trips across the UK has been named the best train journey in the world.

The British Pullman is a fully restored 1920s train that was designed over a century ago to accommodate passengers accustomed to comfort and opulence.

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And the train still oozes decadence today.

Its 11 carriages feature art deco-style interiors, antique upholstery, and vintage lighting.

Intricate artwork can be seen throughout the train, including magnificent mosaics on the bathroom floors.

Fine dining experiences are served up to guests and there’s a strict dress code to maintain its elegant atmosphere.

While enjoying delicious food and admiring the train’s beautiful interior, passengers can enjoy views of the English countryside and coast.

The British Pullman A Belmond Train was crowned best train journey in the world in Conde Nast Traveller’s 2024 Readers’ Choice Awards.

The awards recognise all areas of the travel industry, from hotels and resorts to airlines, airports, cruises, cities and more.

Based in the South East of England, The British Pullman regularly departs from London Victoria and travels year-round to a wide variety of destinations, including Kent, Hampshire, Oxfordshire and Surrey.

Passengers are welcomed onboard by a uniformed train steward and seated at tables adorned with crisp white linen and sparkling tableware.

They can then enjoy a variety of meals, including brunch, champagne afternoon tea, or a gourmet dinner. 

The train’s chef John Freeman has been part of the British Pullman team nearly two decades.

Having fallen in love with the challenges and fun of cooking onboard a moving train, John serves up food using British produce sourced from the very farms and fields by which the train passes. 

Vegan and vegetarian options are also available.

Destinations include Bath and Oxford, but there are also trips solely focused on afternoon tea and Sunday lunch.

Prices start from £400 per passenger on a table for two.

A British hotel was also a winner in the Conde Nast Traveller awards.

Raffles London at The OWO placed 33 in the best hotels in the world list.

Sun Travel’s favourite train journeys in the world

Sun Travel’s journalists have taken their fare share of train journeys on their travels and here they share their most memorable rail experiences.

Davos to Geneva, Switzerland

“After a ski holiday in Davos, I took the scenic train back to Geneva Airport. The snow-covered mountains and tiny alpine villages that we passed were so beautiful that it felt like a moving picture was playing beyond the glass.” – Caroline McGuire

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Tokyo to Kyoto by Shinkansen

“Nothing quite beats the Shinkansen bullet train, one of the fastest in the world. It hardly feels like you’re whizzing along at speed until you look outside and see the trees a green blur. Make sure to book seat D or E too – as you’ll have the best view of Mount Fuji along the way.” Kara Godfrey

London to Paris by Eurostar

“Those who have never travelled on the Eurostar may wonder what’s so special about a seemingly ordinary train that takes you across the channel. You won’t have to waste a moment and can tick off all the top attractions from the Louvre to the Champs-Élysées which are both less than five kilometres from the Gare du Nord.” – Sophie Swietochowski

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Glasgow to Fort William by Scotrail

“From mountain landscapes and serene lochs to the wistful moors, I spent my three-hour journey from Glasgow to Fort William gazing out the window. Sit on the left-hand side of the train for the best views overlooking Loch Lomond.” – Hope Brotherton

Beijing to Ulaanbatar

“The Trans-Mongolian Express is truly a train journey like no other. It starts amid the chaos of central Beijing before the city’s high-rises give way to crumbling ancient villages and eventually the vast vacant plains of Mongolia, via the Gobi desert. The deep orange sunset seen in the middle of the desert is among the best I’ve witnessed anywhere.” – Ryan Gray

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More than 453,000 UK pensioners living abroad in retirement get £7,200 less than those who remain in the UK, new calculations have revealed.

This group of retirees, who are known as “frozen pensioners”, receive just under £3,000 in state pension payments a year on average, according to interactive investor.

However, those in the UK receive £10,099, on average, a difference of £7,200.

The discrepancy is in part because those with frozen pensions do not have their payments covered by the triple lock pledge, something that often means that pensioners are living abroad in poverty.

The triple-lock arrangement ensures the state pension increases each year by the highest of three measures: 2.5 per cent, CPI inflation, or average wage growth. Next April, it will increase by 4 per cent in line with wage growth, an increase of about £460 a year.

But British citizens who choose to retire outside the UK in countries such as Thailand and Canada, may find their state pension payments are “frozen”, meaning their payments remain at the same rate as when they first started receiving them in the country they moved to.

Whether a British citizen’s state pension is frozen depends on the country they move to.

British citizens who move to a country in the European Economic Area, Gibraltar, Switzerland, and countries that have a social security agreement with the UK (apart from Canada or New Zealand) will continue to receive annual increases in their state pension.

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From April 2025, the UK state pension is expected to increase by £460 per year, it emerged last month.

Retirees like Thomas Daley, who moved to Thailand in 2020 during the Covid pandemic, is one of the many frozen pensioners “furious” that he won’t see any of this uplift.

The 69-year-old receives cash from two pensions – his state pension and a Merchant Navy pension.

Each week, his Merchant Navy pension – a defined benefit pension scheme – gives him £471.50 a week.

But his UK state pension, which was frozen when he moved to Ban Nong Weung, in the Chaiyaphum Province, four years ago, gives him just £111.60 a week.

Mr Daley told i: “I never left the UK in a deliberate manner, until Covid made it difficult to travel between Europe and Asia, and now I’m being punished for it.

“I retired in 2015, aged 59. My pension was frozen in 2021 when I received my first payment living in Thailand. It was frozen at £139.65 but after 20 per cent tax deducted, I receive £111.60 every week.

“The lawmakers will look after themselves, but no one thinks about us frozen pensioners, who have retired abroad and paid more than their fair share in income tax, national insurance (NI), VAT, council tax and the rest.”

Mr Daley used to live in Newbury, Berkshire. He now has a house in Hungerford, Berkshire, which his son and his wife live in, as well as his place in Thailand.

Although he is coping financially, thanks to the dog sanctuary he runs, he said an unfrozen UK state pension would “help us out greatly”.

Calculations from interactive investor, based on data by the Department for Work and Pensions (DWP) accurate to May 2023, show that those living overseas with a frozen state pension receive £2,300 less on average than those retirees abroad who continue to receive annual increases to their payments.

The payment gaps widen with age as the impact of the freeze compounds over time. Those in their 90s with a frozen state pension receive only £1,896 each year, compared with £4,803 for those living abroad whose pension is uprated yearly, and £6,006 less than a pensioner living in Britain.

The gulf between the average state pension paid to UK citizens who live abroad and their counterparts who remain in the UK suggests that many in the former group are also impacted by lower NI contributions due to living abroad during their working life. As a result, their state pension entitlement is lower.

More than 40 per cent, or 453,481, of the 1.12m pensioners living overseas are affected by frozen state pensions, according to DWP data.

This equates to just under 4 per cent of the 12.7m people receiving state pension payments.

Myron Jobson, senior personal finance analyst at interactive investor, said: “Moving abroad can be a dream come true for many Britons, especially as they approach their golden years.

“However, it is crucial to keep an eye on the finer details, particularly when it comes to your state pension.

“If you’re planning to retire in a country where the UK state pension is frozen, it means you won’t benefit from the annual increases that help keep up with inflation, and as such, your payments will decline in real terms throughout your retirement.

“This could significantly impact your financial comfort in later years, leaving some facing poverty in old age.”

The DWP has been contacted for comment.

The price of oil has jumped 5% after US President Joe Biden said the US was discussing possible strikes by Israel on Iran’s oil industry.

Asked on a visit if he would support Israel striking Iran’s oil facilities, Biden said: “We’re discussing that.”

Iran is the seventh largest oil producer in the world, exporting around half its production abroad, mainly to China.

Since Iran’s missile attack on Israel on Monday, the price of benchmark Brent crude oil has risen 10% to $77 a barrel, although this remains below levels seen earlier this year.

Any extended rise in energy prices raises the possibility of higher petrol prices and increased gas and electricity bills, pushing up the rate of inflation.

So far this year, weaker demand from China and ample supply from Saudi Arabia have acted to hold down oil prices.

The reaction in oil markets has, so far, been far more muted than, for example, to Russia’s invasion of Ukraine in 2022.

But the escalation of violence in the Middle East and threat of further action is now stalking the markets.

Of particular concern is whether any escalation could block the Straits of Hormuz, through which a third of oil tanker traffic and a fifth of LNG frozen gas has to pass.

Since Russia’s war with Ukraine began, the world has become more dependent on shipped frozen gas in LNG tankers.

Even if it is Asia that is most physically dependent on the flow of oil and gas out of the Persian Gulf, the immediate price impact of such developments would be significant.

Bank of England governor Andrew Bailey warned on Thursday of the “very serious” potential impact and that he was watching developments “extremely closely”.

All this could come at the very moment the world’s central bankers declared a quiet victory over the three-year inflation shock from the pandemic and Ukraine war.

It may help explain why G7 leaders are trying to moderate the expected response from Israel to Iran’s attack.

SAVVY shoppers are rushing to Aldi to get their hands on bargain home accessories scanning for just pennies.

The set of three textured vases in cream costs a mere 49p and for that you get three different styles.

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A shopper on the Extreme Couponing and Bargains UK Facebook group posted her find saying simply “49p Aldi!”

Other members immediately reacted. “This is what I was looking for,” cried one woman, who said she hadn’t been able to find them.

“I paid £1.99 last week,” said another. 

A third poster simply added “Wow!”

The vase set was originally on sale in Aldi’s middle aisle for £4.99 and available in neutral shades grey and beige, as well as cream, to suit all styles of decor.

According to Aldi they are “perfect for filling with flowers or pampas grass” and tap into the trend for more organic forms in home decoration, emphasised by their textured finish.

We announced their arrival back in June so this is the retailer clearing stock for new lines, but at a tenth of their original price, they’re worth getting your hands on before they disappear for good.

Bear in mind availability will vary between stores – you can find Aldi’s store locator on its website.

B&M has an almost identical three-vase set on its website for £6, or this Bubble Paper Mache version selling for £5 and this Circular Sculpture for £6.

H&M, too, has a similar set in light beige, but these mini stoneware vases will set you back £12.99. 

Tesco launched its new homewares range last month and you can find a cute recycled heart vase for just £3 and an apothecary-style bud vase for only £1.50.

To get the most for your money always shop around, comparing prices between retailers.

Use platforms such as Google Shopping and apps such Latest Deals or Trolley to check the best prices on particular products. 

Check out discount code websites and sign up to cashback sites, including Quidco and TopCashback to earn money while you spend.

Facebook groups like Extreme Couponing and Bargains UK are a great way to discover what’s on offer in a wealth of stores, while following your favourite brands on social media and signing up to their newsletters mean you’ll be first to hear about new deals and discounts.

For other ways to save at Aldi keep an eye on their regular special buys, check for price reductions in store and on the website, and watch out for red stickers while you’re doing your grocery shop.

Speaking of groceries, Aldi’s Super Six is another great way to save money on your shopping, with six fruit and vegetables on special offer every fortnight. 

Signing up to the Aldi newsletter will also bring you special offers from time to time and look out for money-off vouchers in newspapers.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories